Relationships between financial statement items. Use the following information for Multicultural Travel Inc. for the year ended December 31,2010, to answer the questions. Assume that the shareholders made no new contributions to the company during the year. (Lo 3)
1. Revenues for the year ended December3 1, 2010 : $850
2. Net income for the year ended December 31,2010: $370
3. Beginning balance (December 31,2009, balance) in retained earnings : $280
4. Ending balance (December 3I,2010, balance) in retained earnings = $360
5. Total liabilities and shareholders equity at December3 1,2010 : $725
6. Total liabilities at December 31, 2009 : $80
7. Total liabilities at December 31. 2010 : $40
Required
a. What were Multicultural Travel”s total expenses during the year ended December 31,2010?
b. What was paid to shareholders during the year ended December 3 1 , 2010?
c. What is the total that owners invested in the Multicultural Travel as of December 31,2010?
d. What were total assets on Multicultural Travel”s December3 1,2009, balance sheet?